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Association asks SEC to clarify compliance measures

Association asks SEC to clarify compliance measures

by Rick Turoczy on April 6, 2005

The American Bankers Association is asking the Securities and Exchange Commission to rework and clarify certain compliance measures required by recent regulatory reforms that have shot costs to corporations, including small banks and businesses, sky high.

ABA released contents of a letter sent to SEC chairman William Donaldson on April 4 that proposed updating the shareholder threshold that determines which businesses are subject to SEC reporting requirements and re-examining the role of the external audit in internal control testing required by the Sarbanes-Oxley Act. ABA also proposed that the SEC, the Public Company Accounting Oversight Board and industry work together to improve guidance clarifying that the external auditors’ role is to test work done by companies own auditors, not to replicate the internal audit step by step.

Association asks SEC to clarify compliance measures

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